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Company Highlights:
The Company controls a portfolio of eight 100%-owned, internally generated copper and copper – gold projects, four of which are advanced and drill ready.
The Company’s Peak copper-gold project in central
British Columbia has multiple targets highlighted by magnetic features, coincident IP, and elevated copper geochemistry. An initial 1,000 m drill program to test first priority targets including the Peak Central area is planned for the first half of 2024.The Scraper Springs copper project in northernNevada hosts a4 x 4 km alteration footprint comparable in scope to some of the world’s largest copper deposits. A deep penetrating IP geophysical line completed by Red Canyon has identified a large chargeable drill target. The Hercules discovery north ofScraper Springs inIdaho has renewed interest in copper porphyry exploration in the area.In the fourth quarter of 2023, Red Canyon completed four first-pass diamond drill holes at its Ping South copper project in
British Columbia , testing one of three priority copper-gold targets.Drill hole RCPG-23-003, collared on the edge of an interpreted intrusive related magnetic feature, intercepted a sericite/pyrite altered, quartz-rich porphyry intrusion from the beginning of bedrock to the end of the hole.Intersecting a new porphyry intrusion in this glacialtill covered area of the Quesnellia Island Arc Terraneis considered technically positive.The Company continues to advance a detailedporphyry alteration vectoring study at its high-profile
Kendal copper project inBritish Columbia . In the fourth quarter of 2023, the Company collected over 200 rock outcrop specimens throughout theKendal area. Using four-acid digestion, trace element geochemistry and hyperspectral analysis, the Company expects to refine and model the porphyry mineralizing potential within the project prior to an anticipated initial drill program in 2024.
Project Overview:
The Company holds a portfolio of eight 100% owned projects in
The Company continues to review new early stage to advanced stage mineral projects both within the
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Figure 1: Location map of Red Canyon’s 100% owned copper and copper-gold projects.
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Figure 2: Plan view of Peak airborne magnetics RTP-VD geophysics with completed pole – dipole IP lines.
The Company’s primary drill-ready target is at Peak Central, which represents an area of complex magnetic highs and lows associated with altered and mineralized porphyritic rocks. A 2011 IP survey at Peak Central outlined a large chargeability zone west of outcropping copper bearing porphyritic rocks, which has not been drill tested.
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Figure 3: Peak Central IP section line 1000N.
The Company is adequately funded and plans for an initial 2024 second quarter 1,000 m drill program to test the Peak Central high chargeability zone, an adjacent deep highly resistivezone, as well as several Peak North targets including 6S (see News Release
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Figure 4: Scraper Springs plan view shallow IP with 2022 IP section.
Previous operators at Scraper Springs mostly targeted shallow, high-grade gold systems or
The Company views Scraper Springs as an important, high-profile copper project with excellent discovery potential. Red Canyon is currently reviewing options regarding conducting deep penetrating MT geophysics, or extending IP geophysical coverage prior to initial drill testing.
In the fourth quarter of 2023, the Company conducted a first pass diamond drill program, completingfour diamond drill holes totalling 665 m, andtesting one of three interpreted alkalic copper-gold porphyry targets identified using a combination of Mobile Metal Ion (MMI) geochemistry, airborne magnetics and induced polarization geophysics. Two of the three targets were not tested due to a lack of available surface water for drilling. These targets remain untested and considered high priority.
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Figure 5: Ping drill collar location map.
Drill hole RCPG-23-003 (“003”) was collared on the edge of an interpreted intrusion-related magnetic feature (Figure 5).003 intersected 85 m of a newly recognized, coarse-grained, quartz-rich porphyritic intrusionfrom the base of overlying till cover to the end of the hole(Figure 6). The intrusion is highly deformed, foliated, and strongly lineated with local zones of more intense shearing and early deformed quartz veining. Broad zones (tens of metres) have been impacted by post-deformation sericite and pyrite alteration with associated quartz veining, indicating significant hydrothermal fluid flow. Geology and alteration encountered in 003 may suggest that it is on the outer margins of a potentially mineralized system. Assay results from 003 returned weakly anomalous Cu values moderately increasing down hole.By intersecting a new porphyry intrusion in this first pass program, the Company has confirmed the validity of its targeting process in this till covered area of Quesnellia Island Arc Terrane.The interpreted centre of the magnetic high associated with 003 is approximately 300 m to the ESE of the 003 collar location.
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Figure 6: Ping RCPG-23-003 foliated, coarse-grained, quartz-rich porphyritic intrusion with early deformed quartz veinlet at 143m.
Drill holes RCPG-23-001, 004 and 005 all intersected an extensive, newly-discovered package of carbonaceous and calcareous marine sediments with quartz and quartz-carbonate veining. RCPG-23-004 and 005 rocks have been tightly folded and strongly deformed to form phyllite with graphitic horizons, carbonate veins and pyriteporphyroblasts. Quartz vein dominated zones were intersected in structurally-focused deformation zones with associated chlorite, iron carbonate and sericite alteration. These quartz veins and related rocks appear similar to gold-bearing sediment-hosted orogenic quartz veins that characterize many gold districts, including
The Ping South area is located within an elevated magnetic portion of a 25 km long northwest-trending positive magnetic feature. The feature is also partly correlative with the western margin of a 90 x 15 km north-trending gravity high that is co-spatial with the western margin of a conductivity (VTEM) low. These coincident geophysical features share comparable characteristics to regional geophysical responses from several
A key focus of the
The entire sample suite has been analysed for trace element geochemistry using four-acid digestion, which ensures that key minerals are dissolved. High-quality mass spectrometry isutilized to ensure high precision at low detection limits. This analytical technique allows for the recognition of subtle trends in the data that indicate hotter and more proximal fluid sources, or more simply, the identification of the core of the mineralizing system.
In addition to geochemical analyses, alteration mineralogy of the sample suite was determined using SWIR (short wavelength infrared) spectrometry to indicate trends in mineralogy, mineral abundances, mineral chemistry and crystallinity, to identify locales with significant variations in temperature, pH and fluid flux.
It is anticipated that individual data layers or combinations of data layers will indicate zones with hotter fluids, greater fluid flux and upflow zones that would be key localities for targeted follow-up exploration.
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Figure 7: Kendal Project topographical orthophoto with outline of region of phyllic alteration (yellow) and focus area for Q4/23 trace element rock sampling program (blue).
The Company interprets a large 2.5 x 1.5 km zone of highly-altered surface rocks to represent the phyllic (Quartz-Sericite-Pyrite) alteration within a copper porphyry system. Previous mapping and sampling also identified propyllitically altered porphyritic rock and breccia zones with widespread anomalous copper geochemical values. The Company interprets that the current level of erosion at
The 2023 field program also included a project wide213 line kilometre airborne magnetic and radiometric survey. Additional modeling of the magnetic data including magnetic inversion work is planned for the first quarter of 2024. The Company anticipates that these combined work programs currently underway at
Corporate Strategy:
Red Canyon is focused on exploring for copper and copper-gold related mineral systems within mining friendly jurisdictions in
Red Canyon intends to drill test several priority projects in 2024 with a goal of bringing targets to a decision point as quickly and cost-effectively as possible. The Company also intends to advance several additional projects to a drill stage by executing geologic, geochemical, and geophysical programs. Red Canyon is executing a corporate strategy of seeking out strategic alliances and will evaluate opportunities to joint venture, option or sell projects to qualified partners to maximize its exposure to exploration success.
Additional information on the Peak and Scraper Springs projects can be found in the NI 43-101 Technical Reports dated
Additional information on the Company’s other projects can be found on the Company’s websitewww.redcanyonresources.com. Further projects are in development and details will be disclosed as information comes available.
About Red Canyon Resources:
For more information, please visit the Company's website atwww.redcanyonresources.com.
Red Canyon is part of the
On Behalf of the Board of Directors
Chairman and Chief Executive Officer
+1 (604) 681-9100
wzerb@redcanyonresources.com
For further information, please contact:
Investor Relations Manager
+1 (778) 867-5016
bzerb@redcanyonresources.com
Qualified Person and Sampling Quality Control:
The scientific and technical information contained in this news release has been reviewed and approved by
Drilling at Ping South was conducted using a Zinex A5 core drill rig. Initial drilling used HQ sized core to advance through a series of unconsolidated till and lacustrine derived sediments. In addition, HQ advanced through up to 60m of oxidized bedrock before transitioning to diamond drilling using NQ sized core. Core was initially logged and photograph at the Company’s temporary field office before being transported to a leased core facility where it was geotechnic’d, prepped and then cut to the Company’s specified sample intervals. Half core samples are placed in bags with the remaining half stored in core boxes. Samples are dispatched to
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company’s exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.
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